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7 Tips From A Realtor When Buying A Luxury Property

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Buying a luxury property is basically like buying any other type of property, only with greater risk attached to the price tag. If you've been considering buying one of these properties, you probably realize that it's worthwhile to consult an expert before making any moves you might regret later. However, there are many things you can do on your own to ensure that the property you're after is worth its price. Here are seven  tips to keep in mind when buying a luxury property. 

1. Consider the Location

As you can imagine, location is key when it comes to the luxury property market because it thrives in the most exclusive locations. Sometimes developers build premium apartments at peripheral locations and add high-end facilities only to find out that the project fails precisely because the location is unattractive. If someone has the money to buy a condo, why would they choose to live in a remote area? The location commands the pricing. If you're considering a property located in an area which lacks social infrastructure or is peripheral, just forget about it and move on.

2. Mind the Ceiling Height

Looking into the property, make sure to check the ceiling height.  In general, the higher the better, but not higher than 14 feet because then you start getting diminishing marginal returns. Luxury properties with 8.5-foot ceilings frankly don't exist. An exception to the rule could be an apartment which offers great views and lighting that somehow offsets the ceiling problem. When looking at the property, consider cubic footage together with square footage.

3. Consider the Apartment's Layout

When purchasing a luxurious apartment, you probably expect to invite other people to your house, so you need to make sure that your future home has enough room for your to live and socialize in. The layout is crucial! Private and social areas should be clearly separated because you don't want people to be passing your bedroom on the way to the bathroom, do you? You should avoid apartments with long hallways, stairwells, awkwardly-placed columns and other elements that only waste space.

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4. Is There a Gym?

If you're buying a property in a winter city, a fitness area is an amenity that it makes sense to have. Consider the size of the gym in relation to the size of the building. Is it large enough? Will it be functional considering the kind of common area fees you're paying for? If you're not convinced about the quality of the gym now, it's unlikely that you're going to appreciate it later on.

5. Double Check the Windows

Windows are a key element to every property because they're the primary source of heat and cooling loss. Make sure they're double-paned and well-insulated to protect the apartment against both weather and noise, which is especially important if it's located in a busy urban area. However, if you're counting on replacing these windows once you buy the property, you might be making a mistake. Always be sure to check first with the condo or co-op board whether it's possible to install windows your own.

6. What is the Outdoor Space Like?

Nothing lifts your mood like an interior which is open to the outdoors. Lots of light and the feeling of openness are mood boosters, but they also raise the value of the property. What do you see when you look out of the window? If it's a skyline, bridge, park or river, consider yourself lucky. Ask whether these these views are in any way protected. Strive to understand the surrounding air rights and zoning allowances associated with neighboring buildings so you'll get a better handle on potential risks involved with how your propriety relates to the outdoors.

7. Does the Area Have a Good Reputation?

Sure, it seems subjective and not quite as important as other factors, but in reality buildings with a good rep tend to retain their value. Check the web for opinions about the building and ask around to learn what locals thinks about it too.  Look at the resident composition;  are there many renters or transients? This is a sign that you might be dealing with maintenance problems later on.

Buying a luxury property is a significant investment and you need to make sure that what you're buying is worth its price. Hire a competent real estate agent.  It's a good idea to pick one who knows their way around the luxury property market  because they'll be able to provide you with expert advice and help you choose a property that will make for a great home or investment.

James

James is a customer consultant engaged with professionals at OpenAgent - a real estate agents comparison website. James knows a lot about selling houses, including the luxurious ones, and is always happy to share some of his knowledge. ...(Read More)

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